What is a Mission Statement and a Vision Statement? Why do you think they are important?
Find some mission and vision statements online for some of the medical device companies out there and compare/contrast them. Do you think these statements reflect at all on their culture and values in real life? Perhaps if you already work for a medical device company you can comment on this for your own experience in your own company.
Spiral Medical Development
www.spiralmeddev.com
Stryker
Mission: "Together with our customers, we are driven to make healthcare better"
Vision: They do not have a clear vision statement however, in the company description is states, "Stryker is one of the world's leading medical technology companies and, together with our customers, we are driven to make healthcare better."
Stryker products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular and spinal devices; as well as other medical device products used in a variety of medical specialties. This is very much aligned with their mission statement. They are continuously striving for better healthcare. According to Fortune, it ranks #19 out of 100 in the list of Best companies to work for in 2017. Their values consist of Integrity, Accountability, People and Performance. I cannot comment if these values hold up within in the company but the point to consider is that Stryker has has increasing earning and performance over the years. It is not easy to hold up a multi-billion corporation with a good reputation in the market if they are aligned with their mission or values. This indicates a healthy company to work for overall.
A vision statement is what the company wants to accomplish and the mission statement is how the company does its business. I think that these statements are important for a company to have because it represents what they intend to do and how they will provide for the people.
For Johnson&Johnson:
Vision: "Caring for the world, one person at a time"
Mission: "To help people everywhere live longer, healthier, happier lives."
"We embrace innovation—bringing ideas, products and services to life to advance the health and well-being of people around the world. We believe in collaboration, and that has led to breakthrough after breakthrough, from medical miracles that have changed lives, to the simple consumer products that make every day a little better."
JnJ is a widely known company with locations around the world. I think that these statements do reflect their culture and values in real life. They have grown into a company that produces consumer products, medical devices, and pharmaceutical products. All of these types of products are essential to the well-being of people, and they continue to produce and improve their product and services.
Medtronic
It's important to have a vision and mission statement to provide direction, it is the foundation of a company. Vision is a general broad statement that communicates the company's values. Whereas a Mission statement defines how the company will deem success- what the company needs to accomplish to consider it successful and is geared to employees and shareholders. As described in the lecture "The game plan". Below Medtronic has a mission statement broken down into 6 points and "serve as our ethical framework and inspirational goal for our employees around the world".
Vision: (1960) To contribute to human welfare
Mission Statement: "1.To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life.
2. To direct our growth in the areas of biomedical engineering where we display maximum strength and ability; to gather people and facilities that tend to augment these areas; to continuously build on these areas through education and knowledge assimilation; to avoid participation in areas where we cannot make unique and worthy contributions.
3. To strive without reserve for the greatest possible reliability and quality in our products; to be the unsurpassed standard of comparison and to be recognized as a company of dedication, honesty, integrity, and service.
4.To make a fair profit on current operations to meet our obligations, sustain our growth, and reach our goals.
5. To recognize the personal worth of employees by providing an employment framework that allows personal satisfaction in work accomplished, security, advancement opportunity, and means to share in the company's success.
6. To maintain good citizenship as a company."
http://www.medtronic.com/us-en/about/mission.html
Like J&J and Stryker as noted above by @reshamn and @amandaally1029, Medtronic has a vision of improving human healthcare and to make healthcare better for overall better outcomes- longer lives etc. I think its interesting that Medtronic really emphasizes being really emphasizes making a "fair profit" and uses words such as "integrity", "honesty", etc. I appreciate that they are stating that a maximum profit isn't their main goal, but rather a "fair profit". When most people think of a for-profit they think of a company interested in their bottom line. I really appreciate the idea of a "fair-profit". Obviously Medtronic wants to be successful and meet their sales goals, but it is comforting to see that their mission is focused on providing quality products to their customers to improve their lives. I think this speaks to their culture. For example in the "Careers" link they clearly state "Thinking of joining Medtronic? Meet people who share our mission" and provide employee over twenty examples of employees "living out our Mission". Aiden a Senior Project Analysts describes why she loves her job at Medtronic"...Diabetes is such a prominent disease and I am honored to be a small part of the team that is continuously working to make each patient's life a little easier." Overall, it looks like Medtronic is sticking to their Vision and successfully implementing their Mission.
http://www.medtronic.com/us-en/about/careers/employee-stories.html
A mission statement describes the company's reason as to why they exist. This differs from the vision statement where the company states what the future successful state of the company would be. These are important in goal-setting because they serve as the foundation for goal-oriented approach. A company or individual can utilize these two statements to build a network of goals, measured through metrics to obtain such goals, furthering the success of the company and its employees.
Novartis AG's mission statement: "Our mission is to discover new ways to improve and extend people's live." Vision statement: "Our vision is to be a trusted leader in changing the practice of medicine."
Novartis states that "We use science-based innovation to address some of society's most challenging healthcare issues. We discover and develop breakthrough treatments and find new ways to deliver them to as many people as possible. We also aim to provide a shareholder return that rewards those who invest their money, time and ideas in our company." This company also values: "Innovation by experimenting and delivering solutions, Quality by taking pride in doing ordinary things extraordinarily well, Collaboration by championing high performing teams with diversity and inclusion, Performance by prioritizing and making things happen with urgency, Courage by speaking up, giving and receiving feedback and Integrity by advocating and applying high ethical standards every day." I believe these core values and statements do reflect their culture as they define themselves to. Novartis strives to make patients feel safe through their quality products and by allowing access to their innovative medicines worldwide.
Diopsys
Mission Statement: Diopsys, Inc. is a medical instrumentation company dedicated to advances in preventive health care. The company specializes in the development and marketing of easy-to-use, non-invasive, patient-friendly diagnostic testing equipment utilizing electrophysiology. Diopsys understands the needs of the patient, the parent, and the medical community, and the important role of early medical intervention for correctable health problems, which can lead to the improved quality of life.
Vision: "Seeing tomorrow, today"
Diopsys manufactures vision testing medical devices to assist doctors for preventative case as described in their mission statement, the mission statement also focuses on electrophysiology innovation and also the needs of their customer to improve quality of life. The company's dedication began with preventative care for pediatrics and now has grown to focus on adults patients as well as pediatrics and has become the leading company in the U.S and now venturing out internationally. The vision of the company is as described above, it is focusing on moving towards a brighter future.
References: http://diopsys.com/about-diopsys-electrophysiology/
Siemens
Vision: A world of proven talent delivering breakthrough innovations giving our customers a unique competitive edge enabling societies to master their most vital challenges and creating sustainable value.
Mission: Within the scope of Siemens’ core activities, to find the best way of combining and developing our know-how and expertise, so that we can profitably channel them into outstanding value for customers.
A mission statement briefly describes the why the company’s contribution to society will be along with providing its overall intention. In general, the mission statement supports the vision statement and acts as a set the president of purpose and direction to any vendors, stakeholders, and employees of the company. Mission statements are generally firm, however, they can adapt if the company direction changes.
The vision statement works to detail the company at some future optimized state. This is assuming all the Another way to look at the vision statement is what the company would run like if it met/ exceeded all the milestones that were set. In addition, a good vision statement is also inspirational and challenges the employees to rise help grow with the company.
As for working within the company, Siemens vision is a constantly stressed aspect(along with the quality policy) that has high visibility throughout everything we do. The company has even gone so far as to transcribe the passage on some of our walls in the main walkways so that it may always remain at the forefront of everything we do.
SLIDE 35
I agree with the above posts summarizing what vision and mission statements are, and I would like to add to reshamn's post regarding Stryker. As a Stryker employee, I agree that I am not aware of a vision statement. However, if you ask any Stryker employee, they will definitely know what our mission statement is. If you walk into any Stryker building you will see our mission statement in a very prominent place. Stryker gives us accessories such as mouse pads with our mission statement on them, and our CEO always mentions it during quarterly meetings. Related to the mission and vision statement, another thing that Stryker is highly focused on is their values: integrity, accountability, people, performance. They definitely want to make sure that every employee not only knows what their mission and values are, but that their work reflects the company's mission and values. I think the benefit of being so focused on our mission and values gives employees a sense of camaraderie and the feeling that we are all ultimately working towards the same goal. From my experience, I definitely think that our mission and values reflects on our work culture.
A mission statement defines a company, its business culture, brand identity, and what the company currently achieves. A vision statement, on the other hand, is a blueprint for success. This statement should clearly indicate the company’s aspirations and what it intends to accomplish. Without vision and mission statements, a company would be directionless. I think these two statements are important and come in handy in motivating and inspiring employees, investors, business partners, and customers such that they are contributing their valuable time, money, and efforts towards a greater purpose. These statements should, thus, resonate with all the stakeholders involved.
For Dale Medical Products, Inc.
Mission Statement – “As a medical device company, we embrace the changing healthcare environment and seek to identify and explore opportunities as they emerge.”
Vision Statement – “Recognized as a provider of specialty patient-care products within the medical device industry, we offer global solutions to improve the quality of life.”
Dale Medical Products, Inc. has been on the forefront championing for the best patient care. It is a sponsor of the breast cancer research and has managed to raise over 60,000 dollars. I think that the vision and mission statements of Dale reflect on their cultures and values in real life. This is because it sponsors the research on breast cancer and has the best patient care in mind, always. The company also insists on quality products and good relationship with colleagues and customers.
GE Healthcare
"GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care.
Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more
people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems.
Our "healthymagination" vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality around the world."
A mission statement and vision statement is what a company expects to output but with a marketing flare that says "we care". I think they are important because if helps the people working for the company remember what's important. I think the mission and vision statements display the ideal view for the company to have. I think its important to have because it gives people purpose and lets them know they are giving back and motivates them to actually do that. These statements have an effect on the employees and how they approach their day to day work. When you know you are doing good and making an impact that you want to make, its easier to go into work and much easier to put in the effort.
I like GE's statement because it shows they are innovators and leaders in their field. It highlights on their experience and history but also tells what they hope to accomplish for the future. Also, they made it on a global scale which shows how big of an impact they set out to have.
Mission statement – a brief summary on the values of a company/organization
Vision statement – A depiction of what a company/organization strives to achieve in the future. It is meant to function as a guide for making future decisions.
They are both important since they both determine the company’s direction and end goals. They serve as a guide to ensure the employees have a strong understanding of the direction of and organization. It is an integral part for strategic planning.
Bayer:
Mission statement: Science for a better life
Vision statement: Is to be the world leader when it comes to consumer healthcare. To build a culture of pride and purpose that enables the company to prepare for the future of consumer needs and also to identify and reward excellence while providing opportunities that encourage individuals
Zimmer:
Mission statement: Your progress. Our promise
Vision statement: Focuses on restoring mobility, alleviating pain and improving the quality of life for patients around the world. Their goal is to lead the industry by delivering value to healthcare providers, patients and stockholders while embracing a broader social responsibility.
Even though it all comes down to profit I believe these companies have to adhere to their statements. In order to make a good profit you have to make good products. To make better products you have to make good use of the current technology and be innovative. For everything to come together the employees will always have to do what is best per the company’s guidelines. The mission statement helps to focus the employees on creating a great product for a better patient experience. For any of the statements to be effective you need the right employees. The right employees will take ownership of the mission as if it’s part of their job description. If the company doesn’t make this part of their culture and values there will be dire consequences. The workforce will have no real direction and the employees may be missing the fundamental reason why they were hired in the first place.
Verb Surgical
Vision: Translating technology and information through actions that matter.
Mission: To empower surgeons with state of art robotics where everything is connected in way where everything is smarter,flexible, interoperable and portable.
Verb surgical is a new company made in collaboration with verily and Ethicon. Verily is formerly known as google life science and Ethicon is company under J&J. Company has focused on five fields robotics, visualization, advanced instrumentation, data analytics, and connectivity. I think with the field they focus in there mission statement itself speaks for the kind of work they are really focusing on. The vision statement is simple to understand and vision and mission I think should go hand in hand since it gives the overall idea of what company is looking to achieve while mission give a summary of how the company has reached to its current position and what values it has been based on to reach this position.
Becton Dickinson (BD)
Mission Statement:
“To help all people live healthy lives”
Vision Statement:
“Become the organization most known for eliminating unnecessary suffering and death from disease, and in doing so, the best performing companies in the world.”
Quality Policy:
“We will consistently provide superior products and services in pursuit of our purpose of advancing the world of health. This will be achieved through customer –focused continuous improvement and by maintaining an effective quality system that companies with regulatory requirements.”
From my experiences I have had working with BD, the culture and values of the workplace are definitely reflective of the mission and vision statements. The company is truly committed to promoting healthy lives in every way that it can through the products that they make. Currently there is a focus to offer complete solution systems rather than a solution to one specific problem. To achieve these system centered solutions, BD has been acquiring companies such as Carefusion and Bard; which offer other products that complement the current BD product portfolio. With the inclusion of these acquisitions it allows BD to offer their customers full system solutions where the products the customer is purchasing truly work together which allow them to provide a simpler, more efficient, and high quality healthcare to there patients. Currently with the company’s stock price (BDX) is at an all-time high, which speaks to its vision of becoming one of the best performing companies in the world.
Mission statement explains the company’s reason for existence. It describes the company, what it does and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders. The mission can change to reflect a company’s priorities and methods to accomplish its vision.
Vision statement: Describes the organization as it would appear in a future successful state.
Also I think as your company grows and as the competitive environment changes, your mission may require change to include additional or different needs fulfilled.
For example: Philips Healthcare
Mission statement: " Improving people's lives trough meaningful innovation."
Vision:
"At Philips, we strive to make the world healthier and more sustainable through innovation. Our goal is to improve the lives of 3 billion people a year by 2025. We improve the quality of people's lives through technology-enabled meaningful innovations - as co-creator and strategic partner for the Philips businesses and complementary open innovation ecosystem participants. "
Philips is one of the greatest companies in Medical Imaging Technology (comes after Siemens),at 2015 Philips improved 2 billion people live,this number verified by marketing intelligence officers, product marketeers, clinical scientists and finally by the Director Sustainability Healthcare of Philips. It seems to be a good number and great success, since Philips mission to improve 3 billion people lives by 2025.
https://2015.annualreport.philips.com/#!/improving-peoples-lives
Vision Statement is a general broad statement about what the company wants to accomplish. It communicates company values and purpose. It is basically a company's road map, indicating both what the company wants to become and guiding transformational initiatives by setting a defined direction for the company's growth.
Mission Statement lays out clearly how the company does business; it defines measures of organization's success, and it is geared towards employees and shareholders. The sole purpose of a mission statement is to serve as a company's goal, it outlines clearly what the goal of the company is.
Both of them are important because, they provide a template for decision-making, form the basis for alignment, welcome helpful change, focus the company future, determine the company's direction, and shapes strategy.
Merck:
Mission statement:
To discover, develop and provide innovative products and services that save and improve lives around the world.
Vision:
To make a difference in the lives of people globally through our innovative medicines, vaccines, and animal health products. We are committed to being the premier, research-intensive biopharmaceutical company and are dedicated to providing leading innovations and solutions for today and the future.
I feel like all the company of medical devices have the same vision statement that just tells the general purpose in that field. On the other hand, the mission statement clearly, specifically, describes how Merck differs from the rest of the medical device company. So like what makes Merck stand out among the rest of the companies in the field.
Since 1891, their researchers have helped to find new ways to treat and prevent illness — from the discovery of vitamin B1, to the first measles vaccine, to cold remedies and antacids, to the first statins to treat high cholesterol. their scientists have also helped develop many products to improve animal health, including vaccines and antibiotics. Today, as a premier research-intensive biopharmaceutical company, they’re focused on making important scientific advancements within hepatitis C, HIV, diabetes and immuno-oncology.
I feel like their mission and vision exactly describe how they started the company. I think that both statements have to be related somehow to a cultural background so the core purpose of the company would be to treat the patients with their products, because if they are not related then the purpose of the company is to make money.
